India’s largest online e-commerce firm Flipkart on Monday announced that co-founder Binny Bansal would be its new chief executive officer, while incumbent Sachin Bansal would be elevated as the firm’s executive chairman.

Sachin Bansal, who had co-founded Flipkart with Binny, will mentor the senior leadership of the company and look for new investment opportunities. He will play an active role in championing the Indian e-commerce sector and building the internet ecosystem. He will also represent the company at external forums. “Sachin will continue to be the chairman of the board,” Flipkart said on its blog.

“E-commerce in India is going through its most exciting phase and Flipkart has played a pioneering role in shaping this very remarkable journey. We believe Flipkart can play a transformational role in improving commerce in India and improve the quality of lives of millions of people across the farthest corners of the country. In the next phase of journey, it will be our endeavour to fulfil this responsibility and prove India can produce a world-class internet company that can outshine any global behemoth. We also want to continue to play a pivotal role in shaping the internet and the commerce ecosystem of India,” said Sachin Bansal.

As CEO, Binny Bansal will now be responsible for operationally driving the company and will be accountable for Flipkart’s overall performance. All the business areas – commerce, Ekart and Myntra — will now report to Binny. All Corporate functions, including human resources, finance, legal, corporate communications, and corporate development, will also report to him.

Binny Bansal said: “At Flipkart, we have come a long way in our eight-year journey. Today, we are in a very strong leadership position, with over 60 per cent share of the m-commerce market, 50 million customers and a clear leadership in smartphones and fashion. The journey ahead is equally exciting and challenging. Flipkart has all the necessary ingredients of brilliant talent and great technology to win in this next phase as well. We will continue to build world-class customer experience, expand our supply chain infrastructure to reach all parts of India, drive innovations in mobile commerce, and bring in disruptive technologies.”

Mukesh Bansal, head of commerce platform, will continue in his current role at Flipkart’s core business and will have additional responsibility of the ads business. He will also continue in his role as chairman of Myntra. He said: “These are exciting times for Flipkart. We have achieved leadership in e-commerce based on our focus on the Indian consumer and a great execution capability. Today, Flipkart is a brand trusted by millions across India... backed by a robust seller ecosystem and world-class technology. We are confident that in the coming years, we will continue this momentum as we spread the benefits of e-commerce across the length and breadth of India.”